Term 4 - Payroll (Prac) Flashcards
Figure to Determine Tax
Total Gross Pay
Check whether it is with Tax Free- Threshold or not
Tax Figure is…
Tax - Benefits + HECS
Additional/Optional Superannuation is based on…
Normal Gross Pay
Determine Net Pay
Total Gross Pay - Total Deductions
Determine Cumulative Gross Pay
Total Gross Pay + Cumulative Gross Pay
Employer Superannuation based on
Gross Normal Pay
First Entry in CPJ - Record Net Pay
Date - of Payroll
Chq No. ddr
Particulars - Wages
Column - Wages
Figure - Total Net Pay from Register
First Entry GJ- Record Deductions
Date - of Payroll
Particulars
Wages DR (Sum of Deductions)
Deductions (See Ledge) - Totals on Register
Narration - (Deductions for Payroll)
Second Entry in CPJ - Record Monthly Payments (of deductions)
Date - end of the month
Chq No. given or start at 100, each payment different cheque number.
Particulars
The Deductions stated in the General Journal Entry
Figures - Details to date total
For Superannuation Payable add the Additional and Employer totals
Pull the Figures across to Bank
Sum the CPJ- put total lines
Second Entry GJ - Record Employer Contributed Superannuation
Date - of Payroll
Particulars
Superannuation Expense - equal to Superannuation Payable Figure
Superannuation Payable - Total of Employer Payable Superannuation in Register
Narration - (Employee Superannuation Guarantee)
Ledge Account Wages
Nature - DR
Date - Dates given in Details to Date
Particulars - Sundry Expense
Figure - Sum of Deductions (Details to Date) DR
Date - week of payroll
Particulars - Sundry Expense
Figure - Wage Figure in GJ DR
Date - end of the month
Particular - Bank
Figure- Total Net Pay (Details to Date) DR
End Balance = Total Gross Pay of Details to Date
Ledger Accounts - Superannuation Expense/ Employer Paid
Nature - DR
Date - Dates given in Details to Date
Particulars - Superannuation Payable
Figure - Sum of Employer Superannuation for the week (Details to Date) DR
Date - week of payroll
Particulars -Superannuation Payable
Figure - Superannuation Expense in GJ DR
End Balance = Total Employer Superannuation Details to Date
Ledger Account - PAYG Taxation Payable - ATO
Nature - CR
Date - Dates given in Details to Date
Particulars - Wages
Figure - Tax Figure (Details to Date) CR
Date - week of payroll
Particulars - Wages
Figure - Tax Figure in GJ CR
Date - end of the month
Particular - Bank
Figure- Tax Figure in CPJ DR
End Balance = 0
Ledger Account - Superannuation Payable Co.
Nature - CR
Date - Dates given in Details to Date
Particulars -
Wages -o Figure - Additional Superannuation (Details to Date)
Superannuation Expense - Figure (Employer Superannuation - Details to Date
CR
Date - week of payroll
Particulars -
Wages -Figure - Additional Superannuation GJ (1st transaction)
Superannuation Expense - Figure (Employer Superannuation - GJ
CR
Date - end of the month
Particular - Bank
Figure- Superannuation Payable (CPJ) DR
End Balance = 0
Ledger Account - Payroll Deduction Payable E.g Medical Insurance
Nature - CR
Date - Dates given in Details to Date
Particulars - Wages
Figure -Details to Date
CR
Date - week of payroll
Particulars - Wages
Figure - GJ CR
Date - end of the month
Particular - Bank
Figure- in CPJ (Details to Date) DR
End Balance = 0
